USD/CAD stabilizes near 1.3650 after six declines, posting a modest 0.1% gain and showing a short-term indecision bias.
Initially, markets priced in a positive scenario for EUR/USD. But a deterioration in rhetoric, combined with oil prices above pre-conflict levels, pushed the market into volatility.
USD/CAD holds firm on Tuesday as the US Dollar (USD) steadies after recent weakness, although the pair lacks strong upside momentum as elevated Oil prices provide underlying support to the commodity-linked Canadian Dollar (CAD).
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USD is rebounding off support after a three-week decline. A recovery is building with initial resistance already in view.
Scotiabank strategists Shaun Osborne and Eric Theoret observes the Canadian Dollar (CAD) is modestly softer as USD stabilizes, but stresses the broader USD/CAD bear trend remains intact.
EUR/USD trades under pressure on Tuesday as the US Dollar (USD) steadies after recent weakness, with upbeat US economic data and weaker Eurozone sentiment adding further downside pressure on the Euro (EUR).
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*Investment involves risk. You may use the information, strategies and trading signals on this website for academic and reference purposes at your own discretion. 1uptick cannot and does not guarantee that any current or future buy or sell comments and messages posted on this website/app will be profitable. Past performance is not necessarily indicative of future performance. It is impossible for 1uptick to make such guarantees and users should not make such assumptions. Readers should seek independent professional advice before executing a transaction. 1uptick will not solicit any subscribers or visitors to execute any transactions, and you are responsible for all executed transactions.
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